The new report by Expert Market Research titled, ‘Global Reflective Material Market Growth, Size, Trend, Share, Report and Forecast 2023-2028’, gives an in-depth analysis of the global reflective material market, assessing the market based on its segments like product, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 5.41 billion
- Forecast CAGR (2023-2028 5%
The market for reflective materials is being aided by the rising demand for road safety products to prevent accidents. Hence, the increasing demand for barricade tapes, barriers, speed brakes, markers, and reflectors, which use various reflective materials, to enhance road safety is positively impacting the market growth.
The extensive use of reflective materials such as paints and sheets in various industries including oil and gas, construction, aviation, and automotive is propelling the industry's growth. In addition, the Asia Pacific region is witnessing significant growth owing to the stringent government regulations regarding road safety and rapid industrialisation in India and China, therefore contributing to the overall market growth.
Industry Definition and Major Segments
Reflective materials are materials containing glass beads that reflect light to the source. They are used to increasing visibility and safety in low-light conditions. They have a variety of applications and are widely used in road safety products, sportswear, biking equipment, professional safety uniform, and pet wear.
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By products, the market is divided into:
- Reflective Fabric
- Reflective Sheet
- Reflective Paints and Inks
- Tape
- Coatings
- Specialty Products
- Others
Based on the applications, the market is segmented into:
- Automotive
- Construction and Roads
- Electronics and Semiconductors
- Textiles
- Others
The regional markets of reflective material are:
- North America
- Asia Pacific
- Europe
- Middle East and Africa
- Latin America
Market Trends
The reflective material industry is driven by the rising use of reflective coatings and sheets in the construction industry. Reflective paints are increasingly used in warm climates to cool the enclosed space while reducing electricity consumption. Moreover, reflective paints do not emit greenhouse gases and reduce the amount of ultraviolet (UV) rays in the enclosed space.
Such beneficial properties of reflective paints are excepted to propel the growth of the reflective materials industry. In addition, the development of reflective materials which can enhance visibility owing to growing innovations and advancement in retroreflective technology is anticipated to catalyse the market growth in the upcoming years.
Key Market Players
The major players in the market are 3M Co., Avery Dennison Corporation, SKC hi-tech Marketing, ORAFOL Europe GmbH, and Daoming Optics and Chemical Co. Ltd, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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